Wednesday October 16, 2019
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Warren Suggests Apple to Buy More Shares

At the end of the first quarter of 2018, Berkshire owned $40.7 billion of Apple's shares -- up from $28.2 billion at the end of 2017, The New York Times reported.

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It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.
Warren Buffett, US billionaire and investor, wikimedia commons

A day after multinational conglomerate Berkshire Hathaway acquired another 75 million shares of Apple, its CEO Warren Buffett said the iPhone maker should spend more cash buying its own shares.

“They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price,” ReCode quoted Buffett as saying at the company’s annual meeting held at Omaha city in the US state of Nebraska.

It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.

Apple posted a healthy revenue of $61.1 billion and net quarterly profit of $13.8 billion globally for its second quarter for fiscal 2018, defying global reports of a weakened demand for its iPhones.

A day after multinational conglomerate Berkshire Hathaway acquired another 75 million shares of Apple, its CEO Warren Buffett said the iPhone maker should spend more cash buying its own shares.
Apple Mobile, Wikimedia commons

Following this, Berkshire Hathaway acquired more shares and now owns a large slug of Apple stock and has 5 per cent stake in the company.

At the end of the first quarter of 2018, Berkshire owned $40.7 billion of Apple’s shares — up from $28.2 billion at the end of 2017, The New York Times reported.

He also said he likes Apple’s plan to spend $100 billion buying its own shares.

“I’m delighted to see them repurchasing shares. We own 5 per cent of it. With the passage of time, we may own 6 or 7 per cent because they repurchase shares,” he was quoted as saying.

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On having never invested in Microsoft, Buffett said that “in the earlier years, the answer is stupidity”. He stayed away from investing “because of the inference” that could be drawn.

On e-commerce firm Amazon, he said: “The truth is that I’ve watched Amazon from the start and I think what (Amazon CEO) Jeff Bezos has done is something close to a miracle. The problem is if I think something will be a miracle, I tend not to bet on it.”

Buffett said he had “made a mistake” on conglomerate Alphabet. He said he was unable to conclude that at Alphabet’s present prices, its “prospects were far better than the prices indicated”. (IANS)

Next Story

Apple Refutes Report of Sharing Safari Data with Tencent or Google

Apple CEO Tim Cook has said he believes privacy is "ingrained in the Constitution," but that he's worried about how third-party companies have worked to collect information on us

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Apple, Campus, China
A customer is entering the Apple store in Fairfax, Virginia. VOA

After media reports surfaced that Apple is sending iOS users’ data via its Safari browser to Google and the Chinese tech company Tencent, the Cupertino-based iPhone maker refuted such reports, saying it safeguards people’s information in its own systems and never shares it with third-party players.

A report in reclaimthenet.org stated that “Apple, which often positions itself as a champion of privacy and human rights, may be sending some IP addresses from users of its Safari browser on iOS to Chinese conglomerate Tencent — a company with close ties to the Chinese Communist Party”.

The report focused on Apple’s “fraudulent website warning” system which is built into Apple’s Safari web browser to warn people when they visit sites that are harmful and can trick users into sharing login passwords for banks, email and social media.

“Before visiting a website, Safari may send information calculated from the website address to Google Safe Browsing and Tencent Safe Browsing to check if the website is fraudulent. These browsing providers may also log your IP address,’ read the information on Apple’s “Safari & Privacy” section.

It’s unclear when Apple started allowing Tencent and Google to log some user IP addresses, but one Twitter user reported the change in Safari happened as early as the iOS 12.2 beta in February 2019, said the report.

Google on an Android device. Pixabay

In a statement, the company said it actually doesn’t send information to Google or Tencent.

“Instead, it receives a list of bad websites from both companies and then uses it to protect people as they surf the web. Apple sometimes obscures the information about the website people visit if it requests more information to check if a questionable website is malicious,” CNET reported on Monday, citing Apple’s statement.

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For people concerned about their privacy, the service can be turned off in Safari preferences on the iPhone or Mac.

Apple CEO Tim Cook has said he believes privacy is “ingrained in the Constitution,” but that he’s worried about how third-party companies have worked to collect information on us. (IANS)